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SG GIC acquires 50% stake in London complex

Property Here - Thursday, December 26, 2013

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Singapore’s sovereign wealth fund GIC has acquired Blackstone’s entire 50 percent interest in London’s Broadgate office complex for more than £1.7 billion (S$3.5 billion), making this its largest property foray in Europe, media reports said. 

In a statement, GIC and British Land, which owns the remaining 50 percent stake in Broadgate, announced they have entered into a joint venture. Under the agreement, British Land will serve as asset manager, while its subsidiary Broadgate Estates will continue to provide day-to-day property management and occupier services.

Touted as a “world-class” office complex, Broadgate comprises a cluster of 17 office buildings, restaurants and shops. It is located in London’s financial district and spans 4.7 million sq ft.